Bionano Genomics reports Q3 revenue $6.1M, consensus $7.85M.

Reports Q3GAAP gross margin for the third quarter of 2024 was (139)%, compared to 30% for the third quarter of 2023. Third quarter 2024 non-GAAP gross margin was 26%, compared to 32% for the third quarter of 2023. Third quarter 2024 non-GAAP gross margin excludes $82,000 in stock-based compensation, $139,000 of restructuring expense, and $9.8 million of impairment and disposal of reagent rentals and inventory. .Our results in the third quarter reflect improving momentum for OGM utilization and sales of flowcells, despite overall revenues coming in below our expectations, again driven by a small number of system orders taking longer than expected to come through. Importantly, cash burn for the quarter was significantly lower than the prior year period, which has been a consistent trend now for several quarters due to our reorganization plan to decrease expenses and is a key element in our shift toward securing revenue and growth from our installed base of customers using OGM and VIA software and away from aggressively growing the installed base, which proved to be costly in the constrained environment for capital expenditures in the market. As a result of the restructuring, we have taken a number of charges, which elevated operating expense, but a substantial amount of that comprises one-time non-cash charges we don’t expect to see to the same degree going forward,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “Indeed, our disciplined and systematic approach to mitigating operational expenses and cash burn has been painful at times, but we believe it is necessary. I am proud of the team’s execution to reduce the overall cash needs of the business as we prepare for new opportunities in the future.”